Adobe以近34亿美元收购Macromedia

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Adobe公司今天宣布以股票交易完成对Macromedia的收购，收购价值近34亿美元。
Adobe与Macromedia的合并，将跨越多种操作系统、设备和媒体，在创造、管理、传递引人注目的内容和体验方面，提供给用户一系列更为强大的解决方案。两公司将共同满足更为广泛的用户需求，并有机会获得全新的市场增长，特别是在移动和企业应用领域。
新闻全文（英文）：
ADOBE TO ACQUIRE MACROMEDIA
Combined Company to Deliver Industry-Defining Technology Platform for Rich, Interactive Content
SAN JOSE, Calif. - April 18, 2005 - Adobe Systems Incorporated (Nasdaq: ADBE) today announced a definitive agreement to acquire Macromedia (Nasdaq: MACR) in an all-stock transaction valued at approximately $3.4 billion.
The combination of Adobe and Macromedia will provide customers a more powerful set of solutions for creating, managing and delivering compelling content and experiences across multiple operating systems, devices and media. Together, the two companies will meet a wider set of customer needs and have a significantly greater opportunity to grow into new markets, particularly in the mobile and enterprise segments.
"Customers are calling for integrated software solutions that enable them to create, manage and deliver a wide range of compelling content and applications – from documents and images to audio and video," said Bruce Chizen, chief executive officer of Adobe. "By combining our powerful development, authoring and collaboration software – along with the complementary functionality of PDF and Flash – Adobe has the opportunity to bring this vision to life with an industry-defining technology platform."
Under the terms of the agreement, which has been approved by both boards of directors, Macromedia stockholders will receive, at a fixed exchange ratio, 0.69 shares of Adobe common stock for every share of Macromedia common stock in a tax-free exchange. Based on Adobe’s and Macromedia’s closing prices on Friday, April 15, 2005, this represents a price of $41.86 per share of Macromedia common stock. Upon the close of the transaction, Macromedia stockholders will own approximately 18 percent of the combined company on a pro forma basis.
In the combined company, Chizen will continue as chief executive officer and Shantanu Narayen will remain president and chief operating officer. Stephen Elop, president and chief executive officer of Macromedia, will join Adobe as president of worldwide field operations. Murray Demo will remain executive vice president and chief financial officer. Dr. John Warnock and Dr. Charles Geschke will remain as co-chairmen of the Board of Directors of the combined company and Rob Burgess, chairman of the Macromedia Board of Directors, will join the Adobe Board.
"Both Macromedia and Adobe are passionate about creating and enabling great experiences across a wide range of devices and operating systems," said Stephen Elop, president and chief executive officer of Macromedia. "Our combined teams will be a powerful force for innovation around cutting-edge platforms for delivering content and applications."
Integration
The two companies are developing integration plans that build on the cultural similarities and the best business and product development practices from each company. The companies will make additional details and information about the acquisition available at http://www.adobe.com/aboutadobe/invrelations/adobeandmacromedia.html.
"While we anticipate the integration team will identify opportunities for cost savings by the time the acquisition closes, the primary motivation for the two companies’ joining is to continue to expand and grow our business into new markets," said Chizen.
The acquisition, which is expected to close in Fall 2005, is subject to customary closing conditions, including approval by the stockholders of both companies and regulatory approvals. The transaction will be accounted for under purchase accounting rules.
Due to the absence at this time of estimates of the acquisition-related restructuring costs and the allocation of the purchase price between goodwill, in-process R&D, other intangibles and equity-based compensation expenses related to SFAS 123R, Adobe is currently unable to provide GAAP estimates on future earnings.
The transaction is currently expected to be break-even to slightly accretive to earnings in the first twelve months after closing on a non-GAAP basis. The company’s target of break even-to-slightly accretive to earnings on a non-GAAP basis assumes no adverse impact from the loss of deferred revenue in the first twelve months following the close due to purchase accounting.
Stock Repurchase Program
Adobe also announced its Board of Directors has approved a post-acquisition stock repurchase program of $1 billion. "After a review of the combined companies' financial position, our Board concluded that the repurchase program is consistent with our overall commitment to deliver value to our stockholders," Chizen added.
The repurchase program is in addition to the Adobe’s existing stock repurchase programs and is expected to commence following the completion of the acquisition. The repurchases will be funded from available working capital.
Conference Call
The management teams of both companies will host a financial analyst and investor conference call today at 8:00 a.m. ET (5:00 a.m. PT). The call can be accessed at 888-278-5324 (U.S.) or 706-643-3100 (outside U.S.) with conference call ID #5643249. A live Webcast of the call will also be provided at http://www.adobe.com/ADBE and http://www.macromedia.com/MACR. For those unable to listen to the live conference call, a telephone replay will be available at 800-642-1687 (U.S.) or 706-645-9291 (outside U.S.) with conference call ID #5643249. The telephone replay will be available beginning April 18, 2005 at 9:00 a.m. ET through April 20, 2005 at 12:59 p.m. ET. A Webcast archive will also be available on each company’s investor relations Web site.
About Adobe Systems Incorporated
Adobe is the world’s leading provider of software solutions to create, manage and deliver high-impact, reliable digital content. For more information, visit www.adobe.com.
About Macromedia
Experience matters. Macromedia is motivated by the belief that great experiences build great businesses. Our software empowers millions of business users, developers, and designers to create and deliver effective, compelling, and memorable experiences - on the Internet, on fixed media, on wireless, and on digital devices.
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include, without limitation, forecasts of market growth, future revenue, benefits of the proposed merger, expectations that the merger will be accretive to Adobe's results, future expectations concerning available cash and cash equivalents, Adobe’s expectations with respect to future stock repurchases following the merger, including the timing and amount of such repurchases, and other matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: difficulties encountered in integrating merged businesses; uncertainties as to the timing of the merger; approval of the transaction by the stockholders of the companies; the satisfaction of closing conditions to the transaction, including the receipt of regulatory approvals; whether certain market segments grow as anticipated; the competitive environment in the software industry and competitive responses to the proposed merger; and whether the companies can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. Additional information concerning these and other risk factors is contained in Adobe's and Macromedia's most recently filed Forms 10-K and 10-Q.
Adobe and Macromedia undertake no obligation and do not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Additional Information and Where to Find It
Adobe Systems Incorporated intends to file a registration statement on Form S-4, and Adobe and Macromedia, Inc. intend to file a related joint proxy statement/prospectus, in connection with the merger transaction involving Adobe and Macromedia. Investors and security holders are urged to read the registration statement on Form S-4 and the related joint proxy/prospectus when they become available because they will contain important information about the merger transaction. Investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the SEC at the SEC’s web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by Adobe by contacting Adobe Investor Relations at 408-536-4416. Investors and security holders may obtain free copies of the documents filed with the SEC by Macromedia by contacting Macromedia Investor Relations at 415-252-2106.
Adobe, Macromedia and their directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Adobe and Macromedia in connection with the merger transaction. Information regarding the special interests of these directors and executive officers in the merger transaction will be included in the joint proxy statement/prospectus of Adobe and Macromedia described above. Additional information regarding the directors and executive officers of Adobe is also included in Adobe’s proxy statement for its 2005 Annual Meeting of Stockholders, which was filed with the SEC on March 14, 2005. Additional information regarding the directors and executive officers of Macromedia is also included in Macromedia’s proxy statement for its 2004 Annual Meeting of Stockholders, which was filed with the SEC on June 21, 2004 and Macromedia’s proxy statement for a Special Meeting of Stockholders, which was filed with the SEC on October 6, 2004. These documents are available free of charge at the SEC's web site at www.sec.gov and from Investor Relations at Adobe and Macromedia as described above.
原文链接：
http://www.adobe.com/aboutadobe/invrelations/adobeandmacromedia.html
http://www.macromedia.com/macromedia/proom/pr/2005/adobe_macromedia.html

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　　Adobe收购Macromedia一案令软件开发人员感到震惊，并对合并后公司的命运及各自软件产品的前景感到喜忧参半。
　　尽管这一收购案的价值达到了34亿美元，但就其规模而言，并不算创了历史记录。不过对于那些看着Adobe和Macromedia竞争数年的Web开发人员和设计人员来说，这却是终结一个时代并开始一个新时代的标志。开发人员的担心主要是Adobe一贯重视图形设计人员。Activehead的软件设计师耶西说：“Macromedia的开发者应该干什么？Adobe主要是一家关注设计者的公司，对设计人员的要求与开发人员有很大不同。Macromedia关注更多的是开发人员，Adobe会关注开发人员吗？”
　　Adobe和Macromedia曾试图通过“常见问题”解答来消除人们对这一收购案的担忧。
　　这两家公司曾解答说：“这一交易将使两家公司所服务的客户如从事Web、平面媒体和视频创作的专业人士及应用开发人员、企业用户、移动用户、发烧友等消费者从中受益，通过整合这两家公司的热情、创新和运营经验，我们可以加快改革的步伐，为客户提供更周到的服务。” 但Adobe并没有在论坛上明确答复开发人员最关心的问题：即收购完成后我使用的软件包还能用吗？假如能用的话，还能用多长时间？
　　一名开发者说：“我对Macromedia过去两年开发的一些规模较小的项目很担忧，如Flex、Breeze、Contribute、FlashPaper。”
　　但还一些开发人员很看好这一收购交易。麻省理工学院OpenCourseWare项目的Web开发人员B.K.迪龙称：“我作为两家公司的用户，特别希望能通过这一交易，由Dreamweaver取代GoLive，Photoshop取代Fireworks。难能可贵的是，Adobe非常明智，已经意识到了Dreamweaver的市场份额，并认识到对Web开发人员而言，Dreamweaver是一款强大的开发工具。”
　　Adobe称，尽管Macromedia的品牌会退出，但Adobe“期望保留Macromedia的关键产品或对其关键产品进行投资。”估计要改成Adobe的品牌。Adobe称，要在完成交易后才公布产品发布计划。但称公司合并后，Flash平台将成关键战略。
　　这一交易会给专业的Flash爱好者带来了一些风险——Adobe与Macromedia竞争，会促进双方的创新。 Lynda.com的合伙创始人布鲁斯说：“业界收购未必都是好事。Macromedia与Adobe相互竞争时，促进了双方产品的发展，LiveMotion促进了Flash的改进，GoLive有助于Dreamweaver的发展。”

                                               摘自：硅谷动力

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